iHeartMedia
iHeartMedia, Inc., or CC Media Holdings, Inc., is an American mass media corporation headquartered in San Antonio, Texas.[5] It is the holding company of iHeartCommunications, Inc., formerly Clear Channel Communications, Inc., a company founded by Lowry Mays and Red McCombs in 1972, and later taken private by Bain Capital and Thomas H. Lee Partners in a leveraged buyout in 2008.
Formerly
- CC Media Holdings, Inc.
- (iHeartMedia, Inc. holding company)
- Radio broadcasting
- Podcasting, Digital media
- live events
- 1972 (Clear Channel Communications subsidiary)
- 2014 (iHeartMedia, Inc. holding company)
US$2.6 billion (2019)[4]
US$506.7 million (2019)[4]
US$113 million (2019)[4]
US$11 billion (2019) [4]
US$2.9 billion (2019)[4]
9,588[5] (2021)
iHeartMedia (sans "Inc." suffix; formerly Clear Channel Media and Entertainment, Clear Channel Radio, et al.)
- Broader Media, LLC
- iHeartCommunications, Inc.
- iHeartMedia and Entertainment, Inc.
- iHeartMedia Capital I, LLC
- Voxnest, Inc.
As a result of the 2008 buyout, Clear Channel Communications, Inc. became a wholly owned subsidiary of CC Media Holdings, Inc.[6][7] On September 16, 2014, CC Media Holdings, Inc. was rebranded iHeartMedia, Inc., and Clear Channel Communications, Inc., became iHeartCommunications, Inc.[8][9]
Overview[edit]
iHeartMedia, Inc. specializes in radio broadcasting, podcasting, digital and live events through division iHeartMedia (sans "Inc." suffix; formerly Clear Channel Media and Entertainment, Clear Channel Radio, et al.) and subsidiary iHeartMedia and Entertainment, Inc. (formerly Clear Channel Broadcasting, Inc.); the company owns more than 850 full-power AM and FM radio stations in the U.S., making it the country's largest owner of radio stations. The company has also been involved in internet radio and podcasting via the digital platform iHeartRadio[10][11] (from which the company derives its current name).
In the past, the company was also involved in live events and out-of-home advertising. The company spun off these businesses in 2005 and 2019 respectively, as the present-day Live Nation Entertainment[12][13] and Clear Channel Outdoor.[14]
Criticism[edit]
[edit]
In the late 1990s and early 2000s, the company became an object of persistent criticism.[181][182] FCC regulations were relaxed following the Telecommunications Act of 1996, allowing companies to own far more radio stations than before. After spending about $30 billion, Clear Channel owned over 1,200 stations nationwide, including as many as eight stations in certain markets. Although "media reform" social movement organizations like Future of Music Coalition mobilized against Clear Channel, so far the company has been able to hold on to all of its stations after divesting a few following the acquisition of AMFM, although over 500 stations have since been sold or are in the process of being sold since the company announced plans to become privately held.